TORONTO, ONTARIO -- (
Marketwire - Feb. 28, 2012) -
Tembo Gold Corp. (TSX VENTURE: TEM) (“Tembo“, or the “Company“) is pleased to announce the completion and results of an airborne Laser Imaging, Detection and Ranging (LIDAR) survey conducted over the Tembo project area in the Lake Victoria goldfield of Tanzania. The survey has extended the known artisanal hard rock mining to 11km with individual workings generally 500m to 1500m in strike length.
The survey was conducted by AOC Geomatics Pty Limited, Tembo Gold's geological contractors, The Mineral Corporation, completed the interpretation and final processing. The survey provided high-resolution color ortho-rectified imagery and a digital elevation model with a 10cm ground resolution of the area. The purpose of the survey was to provide the project with a baseline dataset of the topography and infrastructure, define the extent of artisanal workings, and assist in the identification of individual pits and shafts within the mining areas.
The survey interpretation and follow-up field mapping has revealed the following:
There are two prominent domains of identifiable artisanal gold mining;
- North of Nyakagwe Hill
- Between Nyakagwe Hill and the Bulyanhulu River
Within each of these domains there are at least three distinct orientations of gold mineralized structures;
- 060-075°, northeast-southwest
- 290-315°, northwest-southeast
- 080-115°, east-west.
A total of 11,100 pits and shafts have been identified of greater than 20cm in depth, with 2,868 of these shafts down to bedrock and having workings varying in depth to 90m. Average depth is understood to be between 30m and 50m, the constraint being the ground water level and seasonal flooding. These hard rock shafts occur along a total strike length of 11km and are characteristically located along well-defined linear trends that correspond with interpreted airborne magnetic linear features.
Resulting from the collation of this LIDAR imagery and the historical exploration results, seven targets have been identified for drilling during 2012. These are:
- Ngula 1. A southern and northern area of east-west trending workings set 300m apart having a combined strike length of more than 2km.
- Ngula 2. Three separate artisanal workings all on a northeast trend with a combined 900m of strike.
- Nyakagwe East. Four close-spaced (within 90m of each other) parallel workings with a combined strike of approximately 1.7km.
- Nyakagwe Village. A single zone with semi-continuous mining over a strike 1.7km along an east-west trend and a second area of mining of about 300m along a possible north-south trend.
- Mgusu. A complex of east-west, northeast and southeast trending intersecting structures totaling 3.1km.
- Buly Trend. The northwest trending Bulyanhulu structure magnetic lineament, host to Reef 1, extends for 1.3km onto the Tembo project and has approximately 250m of artisanal mining in hard rock associated with it.
- Iyenze. This Buly parallel structure has a 500m artisanal working straddling the Bulyanhulu-Tembo boundary with a magnetic lineament that extends for some 1.5km onto the Tembo project.
The LIDAR survey has expanded the hard rock potential economic mineralization on the Tembo project significantly and has facilitated the definition and prioritization of early drill targets.
Tembo Gold CEO, David Scott stated, “We are very excited by the results of the LIDAR survey on our Tembo Gold Property as we are now able to detect significantly more artisanal workings than initially identified. These artisanal workings run along the same structures identified by our airborne geophysical surveys and provide us with greater confidence that structures contain gold. We now have a better understanding and definition of the extent of artisanal mining activity within the property boundary, and I look forward to testing these many structures with drilling in the near future.“
The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is designated as a “Qualified Person“ with the ability and authority to verify the authenticity and validity of the data.
About Tembo
Tembo Gold is a Canadian public company listed on the TSX Venture Exchange (“TSX-V“) under the symbol TEM. The Company currently has 100% interest in the Tembo Gold Project which is located adjacent to African Barrick's 20Moz Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Our focus is the discovery and development of world-class gold projects in Africa. The company has assembled a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. With approximately $13 million in the Treasury, the Company's exploration strategy is to discover mineral resources as well as continue to look for additional opportunities that can bring value to the Company and shareholders.
On Behalf of the Board of Directors of Tembo, David Scott, President & CEO
Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek“, “anticipate“, “plan“, “continue“, “estimate“, “expect“, “may“, “will“, “intend“, “could“, “might“, “should“, “believe“ and similar expressions. In particular, this news release contains forward-looking statements in respect of the use of the net proceeds from the Private Placement, the completion and timing of additional closings of the Non-Brokered Private Placement, the payment of certain finders' fees and the listing of the Common Shares on the TSXV. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company's properties, the economic climate in the jurisdictions where the Company carries on operations and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company's continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Contact Information
Tembo Gold Corp.
Marc Cernovitch
Director & VP Business Development
416.619.9010
mcernovitch@tembogold.com
www.tembogold.com
